DTM - DT Midstream OKs phase 3 expansion of Haynesville gas pipeline system

DT Midstream ( NYSE: DTM ) +2.2% in Friday's trading after saying it reached a final investment decision on the Phase 3 expansion of its LEAP natural gas pipeline in Louisiana's Haynesville shale, which will expand the system to 1.9B cf/day by Q3 2024.

DT Midstream ( DTM ) also said it continues to advance its carbon capture and sequestration project in Louisiana, and expects to file a Class VI injection well permit application by the end of November.

The operator and developer of natural gas pipelines and gathering systems reported net income of $113M, or $1.16/share, and raised its adjusted EBITDA guidance for FY 2022 to $810M-$825M and its FY 2023 adjusted EBITDA "early outlook" to $865M-$905M.

DT Midstream's ( DTM ) stock price return shows a 20% YTD gain and a 21% increase during the past year .

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